Australia is introducing a new visa category this year.
Called the ‘Entrepreneur Visa’, this visa is aimed at retaining and nurturing innovators and entrepreneurs in the country.
To ensure that the new visa matches expectations, a consultation process has been initiated by the government seeking feedback.
Minister for Industry, Innovation and Science, Christopher Pyne, said the aim of the new visa is to attract the best and brightest entrepreneurial talent and skills to Australia.
“It is critical for Australia’s prosperity and growth, that we not only tap into the best entrepreneurial minds in Australia, but we also make it easier for talent from overseas to contribute to this country’s innovative future,” he explained
“We are also keen to retain those educated and talented people, who have come to Australia and developed their knowledge base during their time in this country,” he added.
According to Immigration Minister Peter Dutton, the visa would help promote innovation and he wants to encourage individuals to take part in the consultation process.
Under the National Innovation and Science Agenda [NISA], a new Entrepreneur visa will be established for entrepreneurs with innovative ideas and financial backing from a third party. This visa will:
- be a provisional visa for individuals who have obtained capital backing from a third party (details of appropriate third parties will be informed through consultation) to develop entrepreneurial ideas in Australia
- be established as a new stream within the existing Business Innovation and Investment (Provisional) visa (subclass 188) and the Business Innovation and Investment (Permanent) visa (subclass 888)
- be introduced in November 2016.
The consultation process will go on until Friday 18 March 2016 and the date for the new visa being launched has been set at November 2016. There will be no cap on the number of visas being granted.
Australian Prime Minister Malcolm Turnbull said the country needs an “ideas boom” as two decades of economic growth based on a mining boom cannot go on forever.
“Australia needs to wake up and see that mining is stalling and that if we want the economy to carry on growing, we need new ideas, new companies and people who can make them work,” he said.
Further information can be found on the Department’s website at:
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